Gautam Solar said it plans to raise Rs 1,000 crore through Initial Public Offerings (IPO) in next 12 to 18 months in order to fund its 2 GW solar cell manufacturing project.

The proposed solar cell line is part of the company's plan to expand its solar module manufacturing capacity to 5 GW by 2025, Gautam Solar said in a statement.

"Rs 1,000 crore solar cell expansion plan will be funded through an IPO to be launched in the next 12-18 months, supporting further development and innovation," it said.

This expansion will occur in three phases, with the first phase set for completion in November 2024, followed by the second and third phases in January and April 2025, respectively.

According to the company, the IPO will drive the company's growth by setting up a 2 gigawatt (GW) solar cell manufacturing plant to bolster solar module production and achieve the 5 GW target within the stipulated time.

"As India targets achieving 500 GW of renewable energy by 2030, our expansion to 5 GW of solar module manufacturing capacity by 2025 is a vital step towards contributing to this national goal. Currently, India's solar energy capacity stands at around 70 GW, and with this expansion, Gautam Solar will account for nearly 5-7 per cent of the country's total capacity," said Gautam Mohanka, Managing Director of Gautam Solar.